CryptoBridge review – Trade EOT and Popular Altcoins

CryptoBridge is a decentralized exchange (DEX) in the hands of BridgeCoin owners. BridgeCoin is a scrypt-compatible coin that was created in July 2017 in order to finance the development of the decentralized exchange. You can start using the decentralized exchange now at https://wallet.crypto-bridge.org/

The difference between Centralized and Decentralized

With a centralized exchange, the exchange holds the private keys to your assets, and therefore you are at risk from anything that happens to the exchange. Look at what happened with Mt. Gox, for example, where it was hacked and people lost a lot of Bitcoin. That happened because the exchange owned the private keys.

Currently, most major exchanges are centralized but new decentralized exchanges like CryptoBridge are becoming more popular.

The main innovation is the elimination of a single point of failure when trading cryptocurrencies online due to its decentralized nature and the use of a multi-signature federated gateway software used by a dozen trusted gateways, operating on multiple continents, enabling trust-reduced issuing and withdrawing of the supported coins.

The target audience for Cryptobridge is altcoin traders trading on centralized cryptocurrency exchanges which are riddled with performance problems and can be subject to thefts, manipulation, hacking incidents or government takedowns.

These problems are solved by the decentralized blockchain based order book and the multi-signature federated gateway network.

No central point of failure

There is no central point of failure. All deposits, withdrawals and all order books are transparently stored on the blockchain. The client will still be able to deposit, withdraw and trade coins even in the event CryptoBridge goes out of business.

Each client holds the private keys to their coins. CryptoBridge has no access to the client’s funds.

Ultrafast blockchain

The blockchain behind the decentralized exchange, graphene, can process up to 100,000 transactions per second and has an average confirmation time of just 3 seconds.

As a decentralized exchange(DEX) we made the logical choice of building out our platform on top of the battle-tested Bitshares blockchain. The blockchain behind the CryptoBridge exchange, graphene, can process up to 100,000 transactions per second and has an average confirmation time of just 3 seconds.

In a decentralized exchange all transactions are stored on the blockchain and as a result, a fee is associated with each action to be processed by the blockchain.

Staking fee ( varies)

This fee is charged to create a stake( also know as vesting_balance_create) on the blockchain. The value of the fee charged is determined by the BTS Committee. The current fee is approximately 61 BTS. As BCO price increases relatively to BTS , CryptoBridge is able to reduce the number of BCO required to be converted to pay the staking fee to create a staking position on the blockchain.

Trading fee (0.2%)

Like all exchanges, the fee charged when a user makes a trade on the DEX

Gateway withdrawal fee

This is a fee that is charged to withdraw from the DEX and to ensure that it is processed on the destination blockchain. For example, the fee to withdraw BTC might vary or be adjusted to ensure that the transaction is confirmed when sent and not stuck in an unconfirmed state.